PHOENIX — CapRock Partners has completed the disposition of an industrial property located at 225 S. 51st St. in Phoenix’s Sky Harbor submarket. A global real estate investment advisor acquired the asset for an undisclosed price.
Greif, a global leader in industrial packaging products and services, currently occupies the 110,710-square-foot building. CapRock acquired the property in 2017 in an off-market transaction as part of its value-add strategy. The company enhanced the property’s functionality and curb appeal with a new storefront, windows and landscaping and upgraded the 30-foot clear dock-high building with new ESFR sprinklers.
Additionally, CapRock reconfigured the yard area to create a fully secured truck court and added trailer parking stalling. The renovated building features 2,000 square feet of high-image office space with Loop 202 freeway frontage, 22 dock-high doors and LED warehouse lights.
Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.